Andrade Real Estate Services

The Rocket ONE+ Program allows eligible homebuyers to purchase a primary residence with only a 1% down payment. Rocket contributes an additional 2% toward the down payment (up to $2,000), giving borrowers a total of 3% equity at closing. The program is designed to make conventional financing more accessible by reducing the borrower’s upfront costs while also offering reduced mortgage insurance. Borrowers may be first-time or repeat buyers but must meet income limits and occupy the property as their primary residence.

This program is ideal for buyers who:

Want to buy a primary residence with only 1% down.
Have a minimum credit score of 620.
Are first-time or repeat buyers.
Are looking to benefit from Rocket’s 2% down payment contribution (up to $2,000).

Property Type	Credit Score	Min Down	Max LTV	Max CLTV	Notes
SFR	620+	1%	97%	105%	Borrower provides 1%-3% down; Rocket provides 2% down ($2k max).
2-4 units	620+	3%	95%	105%	Borrower provides 3% down; Rocket provides 2% down ($2k max).
Condo	620+	1%	97%	105%	In 5–20 unit condos, one entity can’t own more than 2 units; in 21+ unit condos, one entity can’t own more than 30% of units.
Manufactured Home	620+	3%	95%	105%	Borrower provides 3% down; Rocket provides 2% down ($2k max).

Assistance & Repayment
Terms Rocket’s 2% is a lender-funded grant applied toward the down payment and does not have to be repaid.
Notes Borrower must contribute between 1% and 3% of the purchase price, while still receiving Rocket’s 2% grant capped at $2,000, whichever is less.

Occupancy Requirement
Primary residence Borrower must intend to occupy property.
Note If LTV > 95%, one borrower must be first-time buyer.

Residency Eligibility
Eligible Valid SSN — must have a valid Social Security Number (SSN). Permanent residents — must provide a valid, unexpired Green Card. Non-permanent residents — eligible with valid visa or Employment Authorization Document (EAD). Individuals with work permits are eligible (must show valid documentation per Freddie Mac).
Ineligible ITIN borrowers are ineligible. Foreign nationals are ineligible. Borrowers without a social security number, or with a number that cannot be validated through the SSA are ineligible. Borrowers with diplomatic immunity are ineligible. Borrowers previously convicted of mortgage fraud are ineligible.

Income Qualifications
County Area Median Income Borrower’s qualifying income must be ≤ 80% of the Area Median Income (AMI) for the county where the property is located.
Notes To look up the AMI for a specific county, visit Fannie Mae’s AMI Lookup Tool.

Income Consistency Requirements
Employment History Two years of employment history required with the same employer or with different employers in the same line of work, One year may be acceptable if the borrower has at least five years of prior experience in the same line of work or holds a professional license in that field, Education or training may be used to fill gaps in history, If on temporary disability, income used will be the lower of the disability pay or the regular employment income.
Notes Frequent job changes are allowed if they are within the same line of work and the income is stable or increasing, provided this is supported by documentation, Gaps over 6 months require explanation + current 6 months continuous employment, Education and training must be documented with transcripts, diploma, certificate, professional license, or official school/training program documentation, An employer’s letter is required and must confirm the return-to-work date. If the return-to-work date is before the first mortgage payment, use regular income; if the return-to-work date is after the first mortgage payment, use the lower of disability income or regular income.

Income Type	Requirement	Documentation
Wage Earner	2 years stable employment history (gaps allowed if explained). Must show likelihood of continuance.	30 days paystubs + 2 years W-2s; VOE if required.
Self-Employed	2 years of self-employment required (1 year possible with ≥5 years prior work history in same field or relevant professional license.). Must demonstrate stable or increasing income.	2 years tax returns; YTD P&L; business bank statements if requested.
Part Time	2-year history required; must be likely to continue.	W-2s, paystubs, VOE verifying hours and history.
Seasonal	2-year history required; must be likely to continue.	W-2s, paystubs, VOE or employer letter confirming rehire pattern.
Social Security, Disability, and Retirement Income	Must be expected to continue ≥ 3 years.	Award/benefit letter (SSA, pension, disability) + proof of receipt (bank statements, 1099s, or deposits).
Alimony / Child Support	Must be court-ordered or written agreement; ≥ 3 years continuance.	Divorce decree, separation agreement, or order + 6 months proof of receipt.

Down Payment Funds
Eligible Sources Borrower’s own funds, Large deposits, Gift funds, Retirement (401k / IRA), Sale of assets.
Requirements 1 month of bank statements if using Freddie Mac, 2 months of bank statements if using Fannie Mae, Large deposits must be sourced Gift funds allowed with gift letter + proof of transfer (no seasoning required), Retirement funds require withdrawal terms + statements, Asset sales require bill of sale + proof of deposit.

Gift Funds
Eligible Donors Allowed for down payment and/or closing costs from acceptable sources such as: Spouse or domestic partner, Parent, step-parent, or foster parent, Child, step-child, foster child, or adopted child, Brother or sister, step-sibling, foster sibling, or adopted sibling, Grandparent, great-grandparent, step-grandparent, foster grandparent, or grandchild, Aunt, uncle, niece, nephew, or cousin, In-laws, future in-laws, fiancé or fiancée, ex-spouse, or former relative, Relative of a domestic partner, Godparents.
Ineligible Donors Not allowed as sources of down payment or closing cost funds: Real estate agent, Client’s employer, Loan originator or loan officer, Builder or contractor, Developer.

Temporary Interest Rate Buydowns
Types Allowed 3–2–1, 2–1, and 1–0 buydowns are allowed.
Scope Purchases only.
Restrictions & Qualification Are allowed if they come from an eligible source including the builder, seller or a real estate agent.

Loan Amounts
Minimum Loan Amount $50,000 minimum.
Maximum Loan Limits $350,000 maximum.

Non-Occupant Co-Borrowers
Eligibility Allowed on primary residence purchases. Must be on title and loan. Their income, assets, and liabilities are included in qualification.
LTV Limits & Exceptions Max LTV/CLTV: 95%.

Property Types
Eligible SFRs (Single-Family Residences), 2–4 Units (must occupy one unit), PUDs (attached/detached), Condominium (attached/detached), Fannie Mae warrantable, Modular/prefabricated properties 1-unit only, Manufactured Homes (on permanent foundation, at least 12 feet wide and have a minimum 400 square feet of gross living area.).
Ineligible Non-Warrantable Condos, Condo Hotels or Motels (projects managed or operated as hotel/motel, hotel/motel conversions), Unique properties, Agricultural-type properties, farms, orchards, ranches, Properties zoned for agricultural use Commercial property, Vacant land or land development properties, House Boats, boat slips, timeshares and other forms of property that are not real estates, Manufactured home located in age restricted community, A manufactured home moved from another site (i.e., previously installed at another site) Home must have been delivered directly from the manufacturer/dealer to its current site.

Seller Contributions
Maximum Contribution 3% max: LTV > 90%, 6% max: LTV 75.01% – 90%, 9% max: LTV ≤ 75%.
Allowed Uses Closing costs, Prepaid items, Discount points, Buydown escrows.

Disclaimer – This matrix was published on 09/20/2025. Program guidelines may have changed since then. Please contact Alexis to confirm the most current requirements. For complete details, refer to the Partner Matrices PDF or reach out directly to Alexis for program-specific guidance.

Rocket ONE+ Program

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